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Sterling lower, euro higher, rouble falters

It’s proving to be a lively start to the European trading session. After the surprise overnight rate hike from the Russian central bank, the Rouble has reversed the initial gains and is now trading weaker vs. last night’s closing level. The move was clearly designed to support the currency, making it harder for investors to short it, but so far at least, that has not stemmed the depreciation tide. Elsewhere, sterling initially weakened on the back of the softer than expected CPI figures, which showed headline inflation lower than expected at 1.0% (vs. 1.3% previously). Core inflation fell to 1.2% (from 1.5%). Meanwhile, the euro has moved in the opposite direction after better than expected preliminary PMI data for the eurozone, with services and manufacturing data both firming vs. November final levels.

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